Base emerges as major player in Ethereum rollup with SocialFi integration

Base, which is a Coinbase nurtured Ethereum layer 2 network, is now a fiery competitor in the Ethereum rollup scenario, gaining an enormous user base via SocialFi apps, on its platform, like Friend.tech, Aerodrome, a sought-after decentralized exchange and Moonwell, a lending protocol. It also initiated the mining of its genesis block. 

Base is known to possess its networks created on top, which include meme coin oriented Degen Chain, which helps boost the tokens incorporated by social network, Farcaster, in the form of its currency. 

As per Franklin Templeton, an asset manager, Base incorporating SocialFi stands for almost 50% of the complete share of SocialFi transactions throughout the crypto space, powered by the SociaFi application, Friend.tech. 

Friend.tech’s influence on Base is visible in graphs about earlier functions on Base, via the increase in Friend.tech’s transactions, in tandem with the week’s average transaction amount of Base. 

The introduction of Ethereum’s Dencun scaling, responsible for lessening transaction prices, paved the way for the base’s following increased traction. As for the median gas fees on Base, it fell from the figure of $0.5, to reach $0.003, after the scaling. This made Base into a real cost-effective layer 2 network. 

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Base’s total value locked (TVL) went above Optimism and attained the rank of being the biggest network within the OP stack-oriented superchain. However, Arbitrum remains ahead of Base, as well as Blast, in terms of TVL. For base, Aerodrome remains number one, with Uniswap holding the second position and Moonwell in third place.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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